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The law of diminishing marginal utility states that as an individual consumes more and more units of a specific good or service, the additional utility the consumer derives from the successive units keep on diminishing (declining) over time. Thus diminishing marginal utility explains a lot about consumer behavior in the market economy.
general this exam will cover the material from throughout the economics. that is anything is fair game but the
Assuming no change in hours of work, if real output per hour of work increases by 10 percent, what will be the new levels of real GDP in the right column of A Does the new data reflect an increase in aggregate supply or does it indicate a decrease..
why might a parent company like McDonald s or Hilton choose to franchise its local outlets rather than own them and staff them with employees In many smaller cities all McDonald's outlets are owned by the same franchisee.
Your paragraphs should have an opening statement followed by three sentences citing specific reasons. 1. Do you agree or disagree with changing laws to hold the company where the data theft occurred accountable?
Cost-Benefit Analysis Think of a decision you must make in the next few days. Write a paragraph about how you will use your estimates of the costs and benefits.
Use the following data for a pure monopoly to calculate the firm's-its profit-maximizing output level and produce price;
Are the following topics ones that would be covered in microeconomics or macroeconomics? The effects of an increase in the supply of lumber on the home-building industry. Changes in the national unemployment rate.
Many controversial issues in public finance concern when a central authority should allow markets to work and when it should intervene. Generally we think of the government as the central authority, but it could be a university as well.
The supply is simply the sum of the marginal cost curves of all the firms in the industry. Suppose that all the competitive firms collude to form one single monopoly firm. (Collusion changes neith the demand nor the cost conditions in the industry..
Explain how does your saving and spending profile change depending on the state of the economy, i.e., whether the economy is in a recession versus expansion?
An investor wants to open a new Italian restaurant in downtown La Verne(La Verne is a small city in California. Most people who live here are white people.
Describe how you would invest your money and provide the rationale behind your chosen investments. Be sure to support your statements with arguments and examples.
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